Acwa’s Uzbekistan solar project lands operation certificate

We have another update on Acwa’s Riverside Solar project: Acwa Power received the Commercial Operation Certificate for Plant 1, a 200 MW solar photovoltaic plant, at its Riverside solar project in Tashkent, Uzbekistan, according to a Saudi exchange disclosure from Thursday. ACWA Power owns a 100% stake in the project.

More to come: The project also includes a 550 MWh battery storage system — dubbed Plant 2 — that is currently under construction, the statement said. The financial impact of Plant 1's operation is expected to be reflected in Acwa Power's results starting in 4Q 2024 and continuing in subsequent quarters.

REMEMBER- The EBRD is financing the project: The European Bank for Reconstruction and Development (EBRD) is facilitating the lending of USD 229.4 mn out of the total USD 373.2 mn in financing for the project. EBRD is extending a USD 169.8 mn loan, while another loan of USD 40.5 mn will be organized through commercial co-financiers. The lender will also mobilize concessional finance of up to USD 5.4 mn from Finland under its High Impact Partnership on Climate Action.